Defined benefit pension scheme consolidation

Consultation opened on 07 December 2018. Closing date 01 February 2019 at 23:00.

Summary

This consultation seeks views on a new legislative framework for authorising and regulating defined benefit 'superfund' consolidation schemes.

Documents

Consultation description

Following on from the publication of the White Paper Protecting Defined Benefit Pension Schemes in March 2018, the Department for Work and Pensions has published a consultation paper Consolidation of Defined Benefit Pension Schemes.

The paper sets out the Westminster Government’s proposals for how a new legislative framework for authorising and regulating defined benefit superfund consolidation schemes (as described in the White Paper) might work.

This consultation is aimed primarily at:

  • employers who sponsor a Defined Benefit pension scheme,
  • pension scheme trustees and managers,
  • those seeking to establish a superfund,
  • members of a Defined Benefit pension scheme,
  • pension professionals,
  • life insurers.

In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.

Note: The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website.

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